IFR4NPO is an initiative to develop the world’s first Internationally applicable Financial Reporting guidance for non-profit organisations (NPOs). This will improve the clarity and consistency of NPO financial reports, resulting in greater credibility and trust in the not-for-profit sector globally.
The Guidance will apply to the unique sector-specific aspects of the annual general purpose financial reports, considering accounting issues as well as narrative reports that accompany financial statements.
Evidence for demand for this guidance comes from a 2014 survey, in which 72% of respondents from 179 countries agreed that it would be useful. The International Accounting Standards Board and the International Public Sector Account Standards Board are aware and actively observing the development process.
